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Council approves security agreement for revolving loan to Midwest Trailer Manufacturing
Summary
The Kewanee City Council unanimously approved Resolution No. 5140 authorizing the city manager to execute a security agreement with Macon General Contractors to substitute collateral for a revolving loan made to Midwest Trailer Manufacturing; the city attorney said the loan is fully collateralized under the proposed swap.
The Kewanee City Council on Jan. 28 approved Resolution No. 5140 authorizing the city manager to execute a security agreement with Macon General Contractors to substitute collateral for a revolving loan with Midwest Trailer Manufacturing.
Council Member Michael Yaklich made the motion to approve the resolution, and Council Member Steve Faber seconded. The vote was 4 ayes, no nays.
City Attorney Raver explained the proposed alternate collateral and said that, given the current loan balance, the City would be fully collateralized under the substitution. No amendments to the resolution were recorded at the meeting.
The resolution was listed under new business and followed routine consent and fiscal approvals. The Council did not attach any additional conditions to the authorization; next steps for executing the agreement were not specified at the meeting.
